Detailed Single Year Tables

Description of Proposed Provision:
Eliminate the taxable maximum for years 2018 and later (phased in 2012-2017), and apply full 12.4 percent payroll tax rate to all earnings. Provide benefit credit for earnings above the current-law taxable maximum, using a secondary PIA formula with two new bend points (one at the current-law taxable maximum and one 134 percent higher than the current-law taxable maximum), and apply formula factors of 3 percent and 0.25 percent, respectively.